ICBC provides $1 billion sovereign loan to address Oman’s fiscal deficit
Commitment amount
$ 1180804508.358467
Adjusted commitment amount
$ 1180804508.35
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Oman
Sector
General budget support (Code: 510)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
In June 2016, Industrial and Commercial Bank of China (ICBC) and the Government of Oman, represented by the Omani Ministry of Finance, entered into a short-term loan agreement worth $1 billion (or 384.3 million OMR). The loan carried a 1 year maturity (with a loan repayment date in May 2017). The proceeds of the loan were to be used by the borrower to address the deficit in the government budget caused by a decline in oil revenues.
Additional details
1. This loan is characterized as a ’sovereign loan’ (主权贷) in a commercial guide to Oman published by China’s Ministry of Commerce (2017年6月，阿曼获中国工商银行10亿美元主权贷款). 2. The loan’s interest rate is unknown, but given its very short maturity length, it is highly unlikely that the loan was extended on concessional terms.
Number of official sources
5
Number of total sources
5
Details
Cofinanced
No
Direct receiving agencies [Type]
Oman Ministry of Finance [Government Agency]
Loan Details
Maturity
1 years